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Oil rises to five-week high as outlook for demand brightens

Friday, 15 Sep, 2017

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Hurricane Katia bears down on quake-rattled Mexico
The National Hurricane Center has issued a hurricane warning for coastal areas of Mexico between Cabo Rojo and Laguna Verde. National Hurricane Center said the storm's maximum sustained winds had dropped Saturday morning to about 35 miles per hour .

Mexico quake death toll rises to at least 66
The epicenter of Thursday's quake was in the Pacific Ocean, about 100 kilometers (62 miles) off the town of Tonala in Chiapas. About half of the city hall collapsed in a pile of rubble, and streets were littered with the debris of ruined houses.

UK's Prince George Has Started School
Art, ballet, drama, IT, French, music and PE are all on the curriculum taught by specialist teachers from day one. Prince George has just accomplished a milestone, as he went to his first day of prep school in southwest London.

Record number of terror arrests in year to June
The figure, the highest since data collection began in 2001, shows that on average more than one arrest was made per day. The security services made a record number of terror arrests over the previous year , officials figures show.

Electricity demand in the Texas grid, which is overseen mostly by the Electric Reliability Council of Texas (ERCOT), was lower than usual for the time of year "mainly because of the customer outages in storm-affected areas in South Texas and along the Gulf Coast and cooler temperatures across much of the state", EIA said.

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. Crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, compared with analysts' expectations for an increase of 3.2 million barrels.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast.

At the Multi Commodity Exchange, crude palm oil for delivery in September month traded higher by Rs 2.90, or 0.53 per cent to Rs 550 per 10 kg in business turnover of 232 lots. This is especially true as OPEC oil output declined in August for the first time since March.

West Texas Intermediate, the US benchmark for the price of oil, took an erratic turn in early trading to lose 0.12 percent from the previous close to $48.01 per barrel.

Google set to unveil new Pixel phones next month
And while the invite doesn't specifically mention the new Pixel 2 , that's exactly what we expect to see. Google appears to be planning a launch event for its second-generation of Pixel devices on October 4 .

WNYers watch Irma damage in Puerto Rico
Hundreds of flights were cancelled due to the storm, but the crew for Delta flight 431 decided they were up for the challenge. Harp said many businesses are closed because they don't have power while others are running on generators.

U.S. crude production rebounded to an average of 9.4 million barrels per day last week from 8.8 million bpd a week earlier, entirely the result of increases in the lower 48 states.

Irma's hit in demand will partly offset the Gulf Coast's interrupted refinery runs, which are taking longer than expected to recover, according to the bank. Tehran told OPEC it reduced crude oil production by 55,000 bpd to 3.84 million barrels in August.

Elsewhere, gasoline futures fell 0.59% to $1.6347 a gallon and natural gas futures added 0.23%, to $3.064 per million British thermal units. The latest report took a special look at United States gulf coast infrastructure after the recent hurricanes that have caused flooding and disrupted facilities such as refineries in the important world energy hub.

Strong demand from the USA and Europe in the second quarter and robust consumption from elsewhere will outweigh an expected slowdown from Hurricanes Harvey and Irma in the third quarter.

It recommended that the U.S. strengthens its energy security to address events, such as hurricanes, by potentially adding products to government-held inventories.